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Debt Consolidation Loans

Tidy up your finances

Apply Now Personalised Quote - with no impact on your credit rating

Representative 4.9% APR for loans of £7,500 to £14,950.

Other amounts available at alternative rates. Our rates depend on your circumstances and loan amount and may differ from Representative APR.
Over 18s and existing RBS current accounts customers only.

Need to take control of your finances?

Debt consolidation loans

RBS loan could help you pay off your existing credit cards, loans or other outstanding debts but taking on any new debt is a big decision. In particular, extending the term of your debt can incur more interest and cost more in the long run, and sometimes an Early Repayment Charge may apply.
 

Need to make your monthly payments more manageable?

You could make your monthly payments more manageable by reorganising what you owe.

Consolidate with a loan of £7,500 to £14,950 at our best ever rate of
Representative 4.9% APR

You can borrow between £1k-£25k:

- Loans of £1,000 to £14,950 can be repaid over a maximum of 5 years
- Loans from £15,000 to £25,000 can be repaid over a maximum of 7 years
- Home improvement loans over £2,500 can be repaid over a maximum of 10 years
- The minimum loan term is 1 year, irrespective of loan amount

Other amounts available at alternative rates. Our rates depend on your circumstances and loan amount and may differ from Representative APR.
Over 18s and existing RBS current accounts customers only.

Debt consolidation loans

Debt consolidation - helpful tips

Taking on any new debt is a big decision so we've prepared some guidance to help you make the right decision. In particular, extending the term of your debt can incur more interest and cost more in the long run, and sometimes an Early Repayment Charge may apply. 

Here's 3 easy steps to help you decide if a debt consolidation is right for you:

1. Make a list of all your debts. 
Find out the outstanding balances, current interest rates and any Early Repayment Charges for any debts that you wish to repay.

2. Helpful tools
You might want to use loan calculators and approval indicator tools to find the right loan for you, find out if you're likely to be approved, how much you may be able to borrow, the monthly repayments and personalised interest rate. 
You can then easily compare your current commitments with a new loan.

3. Think through your options: for example using savings to reduce debt could be cheaper than a new loan. 
If you're struggling with excessive monthly payments you may want to speak to your current lenders, they may be able to help with a new payment plan or a re-payment holiday.

4. Finally, work out your what is important for you and whether a personal loan saves you money:

 Save money by paying off your debt quicker 

 1. Transfer your debt to a lower interest rate. 

Repaying your existing debts with a loan at a lower interest rate could save you money by reducing interest costs. The repayment term will also affect the total cost so don't be tempted to extend it, keep it  the same or shorter than your current debt.

Use our Loans Calculator to work out work out the best loan for you or our Quick Quote tool to find out if you're likely to be approved, how much you may be able to borrow, the monthly repayments and personalised interest rate. 
All this without affecting your credit rating
!

2. Make higher monthly payments.

If you increasing the amount that you repay each month you may be able to pay your existing debt off  faster, saving you interest costs.

The terms of your existing debt might mean you can’t make additional payments.
If so, paying off your existing debt with a new loan and shorter repayment term achieves the same if the  new interest rate is similar or lower than your current debt.


 Reduce your monthly payments

If you are looking to reduce your monthly payments, carefully consider your alternatives before taking  out a new loan. Approaching your current lenders or using existing savings may be more appropriate.

 1. Transfer your debt to a lower interest rate.

Repaying your existing debts with a loan at a lower interest rate could save you money by reducing  interest cost. But keep the repayment term the same or shorter than your current debt, extending the loan term may reduce your monthly repayments, but overall it is likely to increase the total amount,  including interest, which will have to be repaid.
Our loan calculator will help see if you could save.

 2. Repay your debt over a longer period.

Taking out a new loan over a longer period than your current debt should reduce your monthly  payment. Whilst extending the loan term may reduce your monthly repayments, overall it is likely to  increase the total amount, including interest, which will have to be repaid.

Our monthly budget planner can help you work out the maximum re-payment you can afford - then  our loan calculator can help you pick a matching loan re-payment.

Helpful tools

Useful tools from the Money Advice Service

Find out how to plan your budget.

Use the quick and easy debt health check to find out if you need to take action to reduce your debts.
Use the cut back calculator to find out how you can make savings on things that you buy regularly.

See your money priorities, and get a plan that helps you meet your money goals with the Money Health Check.  

Personal loans

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